In this installment of Wall Street’s Believe it or Not Stocks That Surged Today, an unknown black-owned bank is moving the markets just because #Juneteenth is trending on Twitter.
If you are a seasoned investor chances are you probably never heard of Broadway Financial Corp (NASDAQ: BYFC) stock before. Same here.
And there is a good reason for that because BYFC shares stayed between $1.04 and $1.50 for the good part of 2020. But something changed yesterday. Twitter and Reddit investors backed by the force of Robin Hood realized that it is a Juneteenth today, and that black owned businesses could be a good play this Friday.
So, why not make money on a trend? And that is exactly what one of the investors from Reddit said, but using different set of words. In his words we should buy BYFC to get “kudos from the woke friends, get blown by sjw thots, spend your profits doing coke with your black friends. Piss off your racist uncle cause it’s fun and you aren’t in his will anyways.”
And that is exactly what is going on because BYFC shares gained more than 250% in a single trading day (that is yet to be finished) and moved from $3.76 to $6.00 in a matter of hours.
Oh and it magically happens to be “today” it is is undervalued? @yatesinvesting your calls with ibio and idex are fire. Not hating just not a fan of pumping a stock on juneteeth to watch it get dumped.— Peter Dante (@dante_trading) June 19, 2020
If you think there might be another 250% run right after this one, I suggest you not to invest your money, because once the closing bell rings the end -the party is over.